Thursday, February 29, 2024

NJ Added 4,600 Nonfarm Jobs in February

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105,400 Jobs Added in the Past 12 Months

According to the U.S. Bureau of Labor Statistics, New Jersey added 4,600 nonfarm jobs in February to a seasonally adjusted level of 4,321,400. The private sector added 3,600 jobs, and the unemployment rate increased by 0.1 percentage point to 3.5%.

New Jersey has added 105,400 jobs over the past year.

January employment estimates were revised downward by 4,800 to a total gain of 19,400 jobs. The January unemployment rate was unchanged at 3.4%.

In February, four out of nine major private industry sectors experienced job growth. Sectors that recorded employment increases were education and health services (+3,500), professional and business services (+2,600), manufacturing (+600), and financial activities (+100). Sectors that recorded a loss were leisure and hospitality (-1,600), other services (-900), trade, transportation, and utilities (-500), and information (-100). Construction had no change. Month-over-month, the state’s public sector increased by 1,000 jobs.

Between February 2022 and February 2023, preliminary estimates show that job growth in New Jersey was broad based, with all nine major private industry sectors recording job gains. In descending order, these industries are education and health services (+47,700), leisure and hospitality (+22,800), trade, transportation, and utilities (+8,400), manufacturing (+6,600), other services (+5,500), professional and business services (+4,100), information (+2,700), financial activities (+2,400), and construction (+1,200). Year-over-year, the state’s public sector added 4,000 jobs.

Preliminary estimates for March will be released on April 20, 2023.

To access more business news, visit NJB News Now.

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